A federal judge sentenced Theranos founder Elizabeth Holmes to 11 years and three months in prison for defrauding investors in her now-defunct blood-testing startup that was once valued at $9 billion
In San Jose, California, U.S. District Judge Edward Davila sentenced Holmes, 38, on three counts of investor fraud and one count of conspiracy after a juryher last January following a trial spanning three months. The prosecution had recommended a sentence of 15 years in prison, while the defense had urged the judge to impose no prison time.
"This is a fraud case where an exciting venture went forward with great expectations only to be dashed by untruths, misrepresentations, plain hubris and lies," the judge said.Her lawyers are expected to ask the judge to allow her to remain free on bail during her planned appeal. They are expected to appeal the judge's decisions to uphold the jury's conviction of Holmes as well as her sentence at the San Francisco-based 9th U.S. Circuit Court of Appeals.
Theranos founder Elizabeth Holmes arrives with her family and partner Billy Evans to be sentenced on her convictions for defrauding investors in the blood testing startup at the federal courthouse in San Jose, California, U.S., November 18, 2022. REUTERS/Brittany Hosea-SmallU.S. Attorney Stephanie Hinds said the sentence for Holmes "reflects the audacity of her massive fraud and the staggering damage she caused." Downey declined to comment as he left court.
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